BSR & Associates quits as IL&FS Engineering's auditor
Nearly a month after resigning as the statutory auditors of IL&FS Financial Services (IFIN), BSR & Associates, a KPMG arm, has relinquished its position as one of the auditors of IL&FS Engineering and Construction Company with immediate effect.
 
IL&FS Engineering in a regulatory filing on July 15 said, the company received the resignation letter from the audit firm.
 
As per the filing, BSR & Associates attributed its resignation to "non-payment of audit fees for the year ended March 31, 2018 and non-receipt of certain pending information and responses to audit matters as requested by them for the audit for the year ended March 31, 2019, limited reviews for the quarter ended September 30, 2018 and December 31, 2018 and responses to certain queries raised by it."
 
"The company has received resignation letter from the one of its joint statutory auditors on July 15, letter dated July 14, 2019, viz. BSR & Associates LLP, Chartered Accountants (Firm Registration Number: 116231W/W-100024) stating their intent to not continue as the statuary auditors of the company and tendering their resignation with immediate effect," it said on Tuesday.
 
The audit firm is under the scanner of the investigative agencies and the Ministry of Corporate Affairs (MCA) pertaining to its supposed role in cover-up of the "wrong-doings" in IL&FS, leading to the ongoing crisis of the lending major.
 
The MCA in June moved the National Company Law Tribunal (NCLT) seeking a ban on the auditor along with Deloitte Haskins & Sells from audit practices, following which the company resigned as the auditor of IFIN.
 
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Comments
AV Rajsekhar
7 years ago
Sir, Why are these audit firms resigning?? Will the wrong doing by these auditors in the previous years will be ignored if they resign for doing audit for 2018-19? What does the law says??
HARI KRISHNA Bansal -
Replied to AV Rajsekhar comment 7 years ago
sir, you are very much correct. These auditors should not be allowed to relinquish their assignment . What happened all of a sudden to force them to resign. In past, they have signed and certified manipulated book of accounts and statutory financial statements like BALANCE SHEET AND PROFIT AND LOSS accounts for years . Thousands of thousand small shareholders have invested their hard earned savings in this company and now there is little hope of return of these investment. In case of Satyam also, auditors of internation fame have audited and certified bogus Balance Sheet. Why Government and ILFS should not file criminal case against these auditors and get these International firms black listed in other countries, where they are registered.
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